家居“前首富”骤逝，居然智家的“财技游戏”玩到头了

Core Viewpoint - The sudden death of Wang Linpeng, the chairman and CEO of Juran Zhijia, has caused significant turmoil for the company, which was already facing performance challenges prior to this event [2][4][7]. Group 1: Company Performance - Juran Zhijia has experienced a decline in both revenue and profit over the past year, with a projected revenue drop of 4% to 12.97 billion yuan and a net profit decrease of over 40% to 769 million yuan in 2024, marking the third consecutive year of profit decline [23][24]. - The company’s financial performance has raised concerns, particularly regarding its investment properties, which have shown an unusual trend of appreciation despite a general downturn in the real estate market [25][28]. - The contribution of asset disposal gains to operating profit is alarming, with these gains accounting for nearly 70% of operating profit in 2024, raising questions about the sustainability of the company's core business [36][50]. Group 2: Financial Anomalies - Juran Zhijia's investment properties, valued at 23.26 billion yuan, reported appreciation gains of 130 million yuan and 110 million yuan over the past two years, which is counterintuitive given the current market conditions [26][28]. - The company’s asset disposal gains, which have been consistently high, are primarily derived from accounting practices related to lease terminations rather than actual operational profits, indicating potential financial manipulation [41][49]. - The core profit from operations has drastically decreased to 659 million yuan in 2024, a 45% drop from the previous year, highlighting the company's reliance on non-operational gains to maintain profitability [51][54]. Group 3: Leadership and Future Uncertainty - Wang Linpeng was a pivotal figure in Juran Zhijia's growth, having led the company since 2001, and his unexpected passing leaves the company at a critical juncture with uncertain leadership and direction [9][54]. - The company is now facing a crossroads, with its future shrouded in uncertainty as it grapples with both leadership changes and ongoing financial scrutiny [7][54].